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GOP Tax Overhaul: How Michigan Homeowners Will Be Impacted


An analysis by Zillow notes that the plan would leave only one in seven U.S. homes eligible for the mortgage interest deduction. In Michigan, the percentage of eligible homes will drop significantly. In Oakland County, for example, the number of homes ...


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The U.SHouse of Representatives approved the GOP tax bill once again Wednesday, the last step in Congress for the legislation before it heads to the President Donald Trump's deskMultiple reports say the legislation will impact the housing market and a report from Moody's estimates that provisions in the bill will reduce house prices, causing double-digit decreases in some areas, including parts of MichiganThe GOP tax plan caps the mortgage interest deduction (MID) at $750,000 and limits the state, local and property tax deduction to $10,000Under current law, interest paid on up to $1 million in mortgage loans can be deducted Current mortgages are not affected by the tax plan, but home buyers in many Michigan counties will be affected by the plan, which Trump was to sign in a televised ceremony on WednesdayAn analysis by Zillow notes that the plan would leave only one in seven U.Shomes eligible for the mortgage interest deductionIn Michigan, the percentage of eligible homes will drop significantly In Oakland County, for example, the number of homes eligible for the deduction drops from more than 60 percent to just 12.1 percentIn Wayne County, the number of homes eligible will fall from almost 16 percent to just more than 2.5 percent; and in Macomb County it drops from 32.26 percent to just under 3 percentAccording to Moody's, the hit to national house prices is estimated to be as much as 5 percent and the impact is much greater for higher-priced homes, especially in parts of the country where incomes are higher "The Northeast Corridor, South Florida, big midwestern cities, and the West Coast will suffer the biggest price declines," Moody's writes"Counties such as Westchester, NY, Cook IL and Delaware PA will experience double-digit price declines." According to Zillow's analysis, under current law, roughly 44 percent of U.Shomes are worth enough for it to make sense for a homeowner to itemize their deductions and take advantage of the mortgage interest deductionUnder the new tax plan, the percentage of homes drops to 14.4 percent Zillow's analysis says that more homeowners are likely to choose to take the standard deduction, which is doubled under the GOP plan. 1880 S Annabelle StDetroit, Michigan 48217 For Sale: $90,0002 bd/2 full ba, 1,699 sqft More Info 1320 Nicolet PlDetroit, Michigan 48207 For Sale: $599,9003 bd/2 full ba, 1,450 sqft More Info 1300 E Lafayette St Apt 312Detroit, Michigan 48207 For Sale: $150,0002 bd/2 full ba, 1,210 sqft More Info 78 Watson StDetroit, Michigan 48201 For Sale: $289,9001 bd/1 full ba, 990 sqft More Info 556 E Bethune StDetroit, Michigan 48202 For Sale: $67,5004 bd/1 full ba, 1,505 sqft More Info 7579 Chrysler DrDetroit, Michigan 48211 For Sale: $699,00023 bd/11 full ba, 7,590 sqft More Info 7409 Second Ave Unit 2Detroit, Michigan 48202 For Sale: $169,9001 bd/1 full ba, 760 sqft More Info 721 Montclair StDetroit, Michigan 48214 For Sale: $219,9004 bd/2 full ba, 2,039 sqft More Info 3230 Richton StDetroit, Michigan 48206 For Sale: $65,00012 bd/4 full ba, 5,040 sqft More Info 8363 E Outer DrDetroit, Michigan 48213 For Sale: $54,9005 bd/2 full ba, 1,557 sqft More Info Watch: GOP Tax Bill Clears Congress, Heads To Trump Image via Shutterstock Story by Feroze Dhanoa, Patch National Staff; Jeff Stacklin, Midwest Regional Editor, contributed to this storySubscribe More from Detroit PatchUp next on Detroit Patch Hit-Skip Driver Sought After Running Over Ecorse Woman Famous Cats' Deaths Confirmed: Michigan Couple Looks For 2 Others Holiday 2017: Your Last-Minute Gift Guide ga("send", "event", "taboola", "served", "impression", 1, { "nonInteraction": 1 }); if (mobile_detect.is_phone) { window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-b', container: 'taboola-below-article-thumbnails', placement: 'Mobile Below Article Thumbnails', target_type: 'mix' }); } else { window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-a', container: 'taboola-below-article-thumbnails', placement: 'Below Article Thumbnails', target_type: 'mix' }); } window._taboola = window._taboola || []; _taboola.push({flush: true}); var disqus_shortname = "patchmedia"; var disqus_identifier = "27406927"; var disqus_title = "GOP Tax Overhaul: How Michigan Homeowners Will Be Impacted"; var disqus_url = "https://patch.com/michigan/detroit/gop-tax-overhaul-how-michigan-homeowners-will-be-impacted"; jQuery(document).ready(function() { jQuery('#show-disqus, .btn-comment-now').on('click', function(event){ jQuery.ajax({ type: "GET", url: "https://patchmedia.disqus.com/embed.js", dataType: "script", cache: true }); jQuery('#comments-guidelines').show(); event.target.id !== 'show-disqus' && jQuery('html, body').animate({ scrollTop: jQuery('#disqus_thread').offset().top - 220 }, 1000); jQuery('#show-disqus').slideUp(); return false; }); location.hash === '#comments' && jQuery('#show-disqus').click(); }); Show Comments Patch Community Guidelines Patch welcomes contributions and comments from our usersWe strive for civil, enlightened discussions on Patch stories and local issuesPlease abide by our posting standards: Be civil No profanity No personal attacks or insults Stay on topic Users who violate our posting rules will have their comments blocked or deletedUsers who flagrantly violate our standards can be banned at the moderator's discretion. × What are Featured Events? 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Feature your announcement on Patch now Featured Announcements + Add your announcement on Patch Real Estate NearbySelect a Listing TypeNewly ListedOpen HousesForeclosuresRentals 1880 S Annabelle StDetroit, Michigan 48217 For Sale: $90,0002 bd/2 full ba, 1,699 sqft More Info 1320 Nicolet PlDetroit, Michigan 48207 For Sale: $599,9003 bd/2 full ba, 1,450 sqft More Info 1300 E Lafayette St Apt 312Detroit, Michigan 48207 For Sale: $150,0002 bd/2 full ba, 1,210 sqft More Info 78 Watson StDetroit, Michigan 48201 For Sale: $289,9001 bd/1 full ba, 990 sqft More Info 556 E Bethune StDetroit, Michigan 48202 For Sale: $67,5004 bd/1 full ba, 1,505 sqft More Info 4410 3rd StDetroit, Michigan 48201 For Sale: $340,0001 bd/1 full ba, 1,100 sqft More Info 4434 3rd StDetroit, Michigan 48201 For Sale: $345,0001 bd/1 full ba, 1,100 sqft More Info 707 Burlingame StDetroit, Michigan 48202 Foreclosure: $36,9004 bd/2 full ba, 2,368 sqft More Info 12087 Stoepel StDetroit, Michigan 48204 Foreclosure: $25,4406 bd/2 full ba, 1,917 sqft More Info 4353 Buckingham AveDetroit, Michigan 48224 Foreclosure: $13,5003 bd/1 full ba, 876 sqft More Info 8995 Esper StDetroit, Michigan 48204 Foreclosure: $26,9003 bd/1 full ba, 937 sqft More Info 18635 Joseph Campau StDetroit, Michigan 48234 Foreclosure: $20,9004 bd/2 full ba, 1,106 sqft More Info 1145 Griswold StDetroit, Michigan 48226 Rent: $1,094-$2,1230-2 bd/1-2 full ba, 498-1,179 sqft More Info 28 Grand River AveDetroit, Michigan 48226 Rent: $635-$1,0100 bd/1 full ba, 249-279 sqft More Info 527-529 W Lafayette BlvdDetroit, Michigan 48226 Rent: $2,300-$2,9621-3 bd/1-2.5 full ba, 971-2,097 sqft More Info 1456 Woodward AveDetroit, Michigan 48226 Rent: $3,1002 bd/2 full ba, 1,474 sqft More Info 1426-1448 Woodward AveDetroit, Michigan 48226 Rent: $1,350-$1,8500-1 bd/1 full ba, 660-1,160 sqft More Info Nearby PatchesDearborn Grosse Pointe Ferndale Wyandotte Huntington Woods-Berkley Royal Oak TopicsArts & Entertainment Bulletin Board Business Community Corner Health & Fitness Home & Garden Jobs Kids & Family Local Deals & Classifieds Local Voices Obituaries Police & Fire Politics & Government Real Estate Schools Seasonal & Holidays Sports Weather Corporate InfoAbout Patch Careers PartnershipsAdvertise on Patch SupportFAQs Contact Patch View All Patches Patch Network Terms of Use Privacy Policy © 2017 Patch MediaAll Rights Reserved. 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